Project detail - Nur Samarkand Solar PV FE LLC

Nur Samarkand Solar PV FE LLC

Status: Approved investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Samarkand Solar (the "Company") is a renewable energy company who will build, own and operate an up to 220 MW solar-power project in Uzbekistan. The company is owned by Masdar which is ultimately owned by Mubadala Investment Company, Taqa and Abu Dhabi National Oil Company. Established in 2006, Masdar is a global leader in renewable energy and sustainable urban development, active in over 25 countries (with credit ratings: Fitch (A+) and Moody’s (A2)).

What is our funding objective?

FMO participates as a B-lender with EBRD in the lead. Long term financing will be used to fund the investments needed for the construction of the solar powered project. Such long-term funding is not available from local banks.

Why do we fund this investment?

The funding contributes to the Company's construction and expansion of their renewable energy assets in the country, accelerating the sustainable energy transition in Uzbekistan.

What is the Environmental and Social categorization rationale?

FMO's E&S category for this transaction is B+, with key risks relating to land acquisition and potential permanent physical and economic displacement of people (although limited). Other risks include birds and bats collision and electrocution during operation and E&S management of EPC and O&M contractors and sub-contractors particularly labour working conditions, health and safety, waste management etc. and contextual human rights risks as well as human rights concerns related to global solar supply chain. The following IFC Performance Standards are triggered: PS 1: Assessment and Management of Environmental and Social Risks and Impacts, PS 2: Labor and working conditions, PS 3: Resource Efficiency and Pollution Prevention, PS 4: Community Health, Safety and Security, PS 5: Land acquisition and involuntary resettlement, and PS 6: Biodiversity conservation and sustainable management of living natural resources. IFC PS 7 (Indigenous Peoples) is not triggered as there are no indigenous people in the project area. IFC PS 8 (Cultural Heritage) is potentially triggered due to presence of cultural heritage sites in the vicinity of the project area. Reference is made to EBRD’s Disclosure and Project Summary Documents, this can be found on EBRD’s website.

Europe & Central Asia
Publication date
Effective date
Total FMO financing
USD 6.09 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
Loan participation